Legal Question in Wills and Trusts in Virginia
Joint heirs
My Mother passed away and my brother and I are joint heirs to her estate. Basically, all that she had was her house valued at approximately $122,000 and about $3,000 in checking. Will we have to pay any kind of taxes on this, as we plan on selling the house? I am the executor and paying her bills. Are the utility bills included in legal deductions from her estate or are my brother and I responsible for them?
1 Answer from Attorneys
Re: Joint heirs
If you and your brother have inherited the property, you would receive a so-called "stepped up basis" in the value of the property(current market value as opposed to your mother's original purchase price)
which for tax purposes would likely eliminate any capital gains tax liability on your part.
As long as the estate is open and final distributions have not yet been made, the utility bills are likely chargeable to the estate.
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